Club Managers Association Of America And Affiliates Consolidated Financial Report October 31, 2010
Contents Independent Auditor s Report On The Financial Statements 1 Financial Statements Consolidated Balance Sheets 2 Consolidated Statements Of Activities 3 Consolidated Statements Of Cash Flows 4 Notes To Consolidated Financial Statements 5 10 Independent Auditor s Report On The Supplementary Information 11 Supplementary Information Consolidating Balance Sheet 12 Consolidating Statement Of Activities 13 Consolidated Statement Of Activities Information: Annual Conference And Exhibits 14 Professional Development 15 Sponsorship 16 Sales And Services 17 Membership 18 Premier Club Services 19 General And Administrative And Building Expenses 20 Committee Meeting And Board Administration Expenses 21 International Wine Society 22
Independent Auditor s Report To the Board of Directors and Members Club Managers Association of America Alexandria, Virginia We have audited the accompanying consolidated balance sheets of Club Managers Association of America and Affiliates (collectively, the Association) as of October 31, 2010 and 2009, and the related consolidated statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Association s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Club Managers Association of America and Affiliates as of October 31, 2010 and 2009, and the changes in their net assets and their cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Vienna, Virginia January 21, 2011 1
Consolidated Balance Sheets October 31, 2010 And 2009 Assets 2010 2009 Current Assets Cash $ 730,246 $ 919,881 Accounts receivable 584,601 733,133 Inventories 196,269 212,879 Prepaid expenses and other assets 331,123 425,584 Total current assets 1,842,239 2,291,477 Property And Equipment, net 2,494,228 2,771,540 $ 4,336,467 $ 5,063,017 Liabilities And Net Assets (Deficit) Current Liabilities Mortgage payable current portion (Note 3) $ 62,580 $ 59,027 Accounts payable 35,086 29,912 Accrued expenses 408,666 538,450 Deferred revenue: Conference and exhibit related 735,511 714,562 Deferred other 17,830 4,190 Membership dues 2,415,889 2,350,525 Workshops 234,160 330,905 Total current liabilities 3,909,722 4,027,571 Mortgage Payable Long-Term Portion (Note 3) 1,800,229 1,862,809 5,709,951 5,890,380 Minority Interests In LLC 154,460 247,934 Commitments And Contigencies (Notes 6,8 And 10) Unrestricted Net Assets (Deficit) (1,527,944) (1,075,297) $ 4,336,467 $ 5,063,017 See Notes To Consolidated Financial Statements. 2
Consolidated Statements Of Activities Years Ended October 31, 2010 And 2009 2010 2009 Revenue and support: Membership dues $ 3,221,449 $ 3,324,773 Professional development 1,320,026 1,240,808 Annual conference 1,226,828 1,166,940 Annual exhibits 694,268 925,369 Sponsorship 679,427 488,350 Sales and services 255,920 253,595 Premier Club Services 236,575 268,726 International Wine Society 112,530 115,020 Membership 80,630 63,910 Interest income and other 75,694 232,647 Rental income 35,337 - Initiation fees 27,294 27,930 Total revenue and support 7,965,978 8,108,068 Expenses: Program services (Note 7): Annual conference 1,130,153 1,211,576 Professional development 888,812 885,677 Sponsorship 127,147 117,452 Sales and services 118,501 121,494 International Wine Society 81,609 77,956 Annual exhibits 30,051 38,951 Support services (Note 7): General and administrative 4,683,830 4,435,544 Committee meeting and board administration 305,804 286,989 Membership 303,925 395,429 Building expenses 301,709 307,506 Premier Club Services 264,917 290,408 8,236,458 8,168,982 Change in unrestricted net assets (270,480) (60,914) before depreciation and amortization Depreciation and amortization (275,641) (365,447) (275,641) (365,447) Change in net assets before minority interests in LLC earnings (546,121) (426,361) Minority interests in LLC losses (earnings) 93,474 (5,817) Change in net assets (452,647) (432,178) Unrestricted net assets (deficit): Beginning (1,075,297) (643,119) Ending $ (1,527,944) $ (1,075,297) See Notes To Consolidated Financial Statements. 3
Consolidated Statements Of Cash Flows Years Ended October 31, 2010 And 2009 2010 2009 Cash Flows From Operating Activities Change in net assets $ (452,647) $ (432,178) Adjustments to reconcile change in net assets to net cash used in operating activities: Loss on disposal 40,975 - Depreciation and amortization 275,641 365,447 Minority interests (losses) earnings (93,474) 5,817 Changes in assets and liabilities: (Increase) decrease in: Accounts receivable 148,532 (351,063) Inventories 16,610 (10,130) Prepaid expenses and other assets 94,461 (15,589) Increase (decrease) in: Accounts payable 5,174 (119,580) Accrued expenses (129,784) 20,285 Deferred revenue 3,208 (365,842) Net cash used in operating activities (91,304) (902,833) Cash Flows From Investing Activities Purchases of property and equipment (39,304) (83,830) Proceeds from sale of investments - 1,219,877 Net cash (used in) provided by investing activities (39,304) 1,136,047 Cash Flows From Financing Activities Principal payments on mortgage payable (59,027) (51,344) Net cash used in financing activities (59,027) (51,344) Net (decrease) increase in cash (189,635) 181,870 Cash Beginning 919,881 738,011 Ending $ 730,246 $ 919,881 Supplemental Disclosure Of Cash Flow Information Cash payments for interest $ 98,933 $ 114,048 See Notes To Consolidated Financial Statements. 4
Notes To Consolidated Financial Statements Note 1. Nature Of Activities And Significant Accounting Policies Nature of activities: The purpose of Club Managers Association of America (CMAA) is to promote and advance friendly relations between and among persons connected with the management of clubs and other associations of similar character, to encourage the education and advancement of its members and to assist club officers and members through their managers to secure the utmost in efficient and successful operation. Premier Club Services, Inc. (PCS) was incorporated on August 26, 2006, to enable CMAA to offer employer members access to employee benefit plans. CMAA established 1733 CMAA, LLC (LLC) in January 2008, as a condition of refinancing the mortgage on its current headquarters and transferred the related building to the LLC. CMAA owns a 60% interest and PCS owns a 10% interest in the LLC. CMAA, PCS, and 1733 CMAA, LLC are referred to collectively as the Association throughout the report. A summary of the Association s significant accounting policies follows: Basis of accounting: The consolidated financial statements are prepared on the accrual basis of accounting, whereby, revenue is recognized when earned and expenses are recognized when incurred. Principles of consolidation: The consolidated financial statements of the Association include the financial statements of CMAA, PCS and LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. As a result of the establishment of the LLC, the portion of its net equity attributable to The Club Foundation has been presented as minority interests. Basis of presentation: The financial statement presentation follows the recommendations of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). As required by the Non- Profit Entities Topic of the FASB ASC, Financial Statements of Not-for-Profit Organizations, the Association is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. The Association did not have any donor-imposed temporarily or permanently restricted net assets for the years ended October 31, 2010 and 2009. Financial risk: The Association maintains substantially all of its cash at one financial institution which exceeds federally insured limits. The Association has not experienced any losses and does not believe it is exposed to any risk with respect to cash. Receivables: Receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using the historical experience applied to an aging of accounts. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. There was no allowance deemed necessary at October 31, 2010 and 2009, as management believes all receivables to be fully collectible. 5
Notes To Consolidated Financial Statements Note 1. Nature Of Activities And Significant Accounting Policies (Continued) Property and equipment: Property and equipment is stated at cost and is depreciated using the straightline method over the following estimated useful lives of depreciable assets: Years Building and building improvements 15 40 Furniture, fixtures and equipment 3 12 The Association capitalizes all property and equipment with a cost of $3,000 or more. Valuation of long-lived assets: The Association accounts for the valuation of long-lived assets under FASB ASC Topic 360. Topic 360 requires that long-lived assets and certain identifiable intangible assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reportable at the lower of the carrying amount or fair value, less costs to sell. The Association had no impairment of long-lived assets during the years ended October 31, 2010 and 2009. Inventories: Costs of publications and other items for resale are included in inventories and are carried at the lower of cost or market, with cost determined by the first-in, first-out method. Amortization: Deferred loan costs are included in prepaid and other assets and are amortized using the effective interest method over the term of the debt. Revenue recognition: Revenue is recognized when goods have been delivered or services performed. Revenue from membership dues and subscriptions is recognized over the year to which it relates. Dues received in advance are reported as deferred revenue and recognized in the next fiscal period. Annual conference and exhibit revenue is recognized when the conference is held. Amounts received in advance are recorded as deferred revenue. Continuing education (professional development) revenue is recognized when the educational course has been held or the education materials delivered. Operating income (loss)/performance measurement: The Association considers the excess (deficiency) of revenue over expenses before other revenue (expenses) on the accompanying consolidated statement of activities to be the operating income (loss) for performance measurement purposes, as this is the line item budgeted to for financial management and internal reporting purposes. Income taxes: Under Section 501(c)(6) of the Internal revenue Code (IRC), CMAA is not subject to income tax on its exempt activities. CMAA has certain unrelated business activities that are subject to federal and Virginia income taxes. No provision for income taxes was required for the years ended October 30, 2010 and 2009, as these activities did not generate net taxable income. PCS is exempt from income taxes under Section 501(c)(6) of the Internal Revenue Code. The LLC is a pass-through entity for tax purposes. Its net income or loss is allocated to the individual partners. 6
Notes To Consolidated Financial Statements Note 1. Nature Of Activities And Significant Accounting Policies (Continued) On November 1, 2009, the Association adopted the accounting standard on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Association may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Management evaluated the Association s tax positions and concluded that the Association had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. With few exceptions, the Association is no longer subject to income tax examinations by the U.S. federal, state or local tax authorities for years before 2007. Use of estimates: The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Subsequent events: The Association evaluated subsequent events through January 21, 2011, which is the date the financial statements were available to be issued. Note 2. Property And Equipment Property and equipment and accumulated depreciation at October 31, 2010, are as follows: 2010 2009 Land $ 1,010,000 $ 1,010,000 Building and building improvements 3,843,764 3,830,434 Furniture, fixtures and equipment 1,388,348 1,605,604 6,242,112 6,446,038 Less accumulated depreciation (3,747,884) 3,674,498 $ 2,494,228 $ 2,771,540 Depreciation and amortization expense was $275,641 and $365,447 for the years ended October 31, 2010 and 2009, respectively. The current fair market value of the building and land is approximately $4.5 million according to the most recent tax assessment provided by the City of Alexandria, Virginia. 7
Notes To Consolidated Financial Statements Note 3. Mortgage Payable Long-term debt consists of a promissory note to a bank. The note bears an interest rate of 5.78% and monthly payments of principal and interest of $14,173 with a due date of May 2018. Substantially all property and equipment is pledged as collateral for the loan. Total interest expense was $88,711 and $104,606 for the years ended October 31, 2010 and 2009, respectively. The following is a schedule by year of the future principal payments due as of October 31, 2010: Years Ending October 31, 2011 $ 62,580 2012 66,052 2013 70,324 2014 74,658 2015 79,047 2016 2018 $ 1,510,148 1,862,809 Subsequent to October 31, 2010, the Association entered into a new note payable with Washington First Bank and used the proceeds to pay off the above note. The new note was in the amount of $3,000,000 at an interest rate of 5.75 %. The note is payable in equal monthly installments of principal and interest in the amount of $19,025,over a period of 10 years commencing on January 20, 2011. Note 4. Line Of Credit The Association has a $500,000 line of credit that expires on January 31, 2011. The line of credit carries a variable interest rate based on the one-month LIBOR. At October 31, 2010, the interest rate is 4.0%. The Association does not have an outstanding balance on the line at October 31, 2010. Note 5. Related Parties The Association receives and disburses funds on behalf of The Club Foundation (the Foundation) whose accounts are not included with those of the Association. For the years ended October 31, 2010 and 2009, the Foundation owed the Association $186,289 and $499,357, respectively, which is included in accounts receivable. During the years ended October 31, 2010 and 2009, the Foundation gave grants to the Association in the amount of $69,000 ($6,000 membership, $40,500 professional development, $20,000 annual conference, and $2,500 Premier Club Services) and $200,950 ($65,400 membership, $105,000 professional development, $28,000 annual conference, and $2,500 Premier Club Services), respectively. The Association has an agreement with the Foundation that provides for, among other things, the Association contributing the value of shared building expenses, equipment usage, office services and professional services. The fair values of these in-kind services were estimated to be $52,105 and $46,882 for the years ended October 31, 2010 and 2009. The Association receives and disburses cash on behalf of the Association of College and University Clubs (ACUC), whose accounts are not included with those of the Association. As of October 31, 2010 and 2009, ACUC owed the Association $1,075 and $228, respectively. 8
Notes To Consolidated Financial Statements Note 6. Retirement Plans The Association has a profit-sharing plan. All full-time employees over the age of 21 who have completed six months of service are eligible to participate. Employer contributions are discretionary up to the maximum allowed by the Internal Revenue Code. The Association did not make a discretionary contribution for the years ended October 31, 2010 and 2009. Plan participants become fully vested after five full years of service. The Association also has a 401(k) employee savings and retirement plan for the benefit of its employees. All full-time employees over the age of 21 who have completed six months of service are eligible to participate. Contributions to the plan by the Association are discretionary, based on a percentage of salary for eligible employees. Effective January 1, 2000, the Association elected to add a Safe-Harbor provision to the 401(k) plan. The Safe-Harbor provision allows the Association to make an additional fully vested non-elective contribution of 3% of each eligible employee s compensation. The Association s policy is to fund retirement costs accrued. Effective October 1, 2007, the Association has elected to match 100% of participating employee contributions up to 4% of their salary. The Association cannot elect to match participating employee contributions in excess of 10% of the employee s compensation. Aggregate retirement plan expense was $226,840 and $182,043, respectively, for the years ended October 31, 2010 and 2009. Note 7. Functional Allocation Of Expenses The Association reports its expenses on a functional basis by allocating various general and administrative costs not allocated in the Association s primary consolidated financial statements amongst the programs benefited. The following schedule reflects CMAA s operating expenses on a functional basis for the years ended October 31, 2010 and 2009: 2010 2009 Program services: Annual conference $ 1,687,985 $ 1,866,589 Professional development 1,363,769 1,315,362 Sales and services 370,299 333,953 1733 LLC 301,709 307,506 Annual exhibits 188,041 222,960 International Wine Society 158,796 134,288 Club Foundation 146,510 136,897 Support services: General and administrative 1,920,375 1,809,798 Membership 1,528,252 1,334,024 Committee meeting and board administration 305,805 286,989 Premier Club Services 264,917 420,616 $ 8,236,458 $ 8,168,982 9
Notes To Consolidated Financial Statements Note 8. Sponsorship In connection with the Association s Corporate Advantage Program (CAP), the Association has received a sponsorship commitment from eight vendors totaling $2,175,000. The Association has received annual revenue of approximately $545,400 in 2010 and $465,000 in 2009. All CAP sponsor commitments are for five years. Note 9. Employment Agreement The Association has entered into an employment agreement with its Chief Executive Officer that is automatically renewable each year for three-year intervals unless either party gives proper notice not to renew. Depending on the conditions of non-renewal, the agreement provides for either severance compensation or a consultancy arrangement inclusive of certain insurance benefits, the terms and conditions of which are more fully described in the agreement. Note 10. Contingency There is a pending lawsuit against the Association and its CEO for violations of the Donnelly Act and other breach of law. As of October 31, 2010, the lawsuit was dismissed and the plaintiff has submitted an appeal to the case. The Association s insurance will cover all the lawsuit expenses after the deductable of $5,000. Management, based on consultation with legal Counsel, is of the opinion that the ultimate outcome of the matter will have no material impact on the balance sheet, change in net assets or liquidity of the Association. Note 11. Management s Plan The Association has a net asset deficit of $1,527,944 at October 31, 2010. The Association has instituted a plan to reduce the net asset deficit in the future years. Some of the highlights of the plan are as follows: Increase membership dues by 5% for fiscal year 2011. Refinancing their current mortgage (see Note 3). This provides the Association $1 million cash to pay for the next year s operating expenses. Taking proactive steps in raising funds through sponsorships. In fiscal year 2010 the Association received two new five-year sponsorships of $ 250,000 each. Subsequent to October 31, 2010, the Association received two new five-year sponsorships for $1 million and $500,000. Adoption of a strategic plan. This long-term plan focuses on three major aspects Increase in membership base with recruitment/retention initiatives, expand educational offerings and increase non-dues revenues by expanding Corporate Advantage Program (CAP) and other sponsor/vendor programs. 10
Independent Auditor s Report On The Supplementary Information To the Board of Directors and Members Club Managers Association of America Alexandria, Virginia Our audits were made for the purpose of forming an opinion on the basic consolidated financial statements taken as a whole. The consolidating and other supplementary information which follows is presented for purposes of additional analysis of the basic consolidated financial statements rather than to present the financial position, and changes in net assets for the individual entities. The consolidating and other supplementary information has been subjected to the auditing procedures applied in the audits of the basic consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic consolidated financial statements taken as a whole. Vienna, Virginia January 21, 2011 11
Consolidating Balance Sheet October 31, 2010 Assets CMAA PCS LLC Eliminations Consolidated Current Assets Cash $ 490,436 $ 34,550 $ 205,260 $ - $ 730,246 Investment in LLC 479,246 79,874 - (559,120) - Accounts receivable 324,225 211,918 48,458-584,601 Intercompany receivable 732,027 - - (732,027) - Inventories 196,269 - - - 196,269 Prepaid expenses and other assets 189,526-141,597-331,123 Total current assets 2,411,729 326,342 395,315 (1,291,147) 1,842,239 Property And Equipment, net 125,981 1,281 2,366,966-2,494,228 $ 2,537,710 $ 327,623 $ 2,762,281 $ (1,291,147) $ 4,336,467 Liabilities And Net Assets (Deficit)/Members' Equity Current Liabilities Mortgage payable current portion $ - $ - $ 62,580 $ - $ 62,580 Accounts payable 12,854-22,232-35,086 Intercompany payable - 369,653 362,374 (732,027) - Accrued expenses 405,715 2,951 - - 408,666 Deferred revenue: Conference and exhibit related 735,511 - - - 735,511 Deferred revenue other 17,830 - - - 17,830 Membership dues 2,415,889 - - - 2,415,889 Workshops 234,160 - - - 234,160 Total current liabilities 3,821,959 372,604 447,186 (732,027) 3,909,722 Mortgage Payable Long-Term Portion - - 1,800,229-1,800,229 3,821,959 372,604 2,247,415 (732,027) 5,709,951 Minority Interests In LLC - - - 154,460 154,460 Unrestricted Net Assets (Deficit)/Members' Equity (1,284,249) (44,981) 514,866 (713,580) (1,527,944) $ 2,537,710 $ 327,623 $ 2,762,281 $ (1,291,147) $ 4,336,467 12
Consolidating Statement Of Activities Year Ended October 31, 2010 CMAA PCS LLC Eliminations Consolidated Changes in unrestricted net assets: Revenue and support: Membership dues $ 3,221,449 $ - $ - $ - $ 3,221,449 Professional development 1,320,026 - - - 1,320,026 Annual conference 1,226,828 - - - 1,226,828 Annual exhibits 694,268 - - - 694,268 Sponsorship 679,427 - - - 679,427 Sales and services 255,920 - - - 255,920 Premier Club Services - 236,575 - - 236,575 International Wine Society 112,530 - - - 112,530 Membership 80,630 - - - 80,630 Interest income and other 75,694 - - - 75,694 Rental income - - 353,556 (318,219) 35,337 Initiation fees 27,294 - - - 27,294 Total revenue and support 7,694,066 236,575 353,556 (318,219) 7,965,978 Expenses: Program services: Annual conference 1,130,153 - - - 1,130,153 Professional development 888,812 - - - 888,812 Sponsorship 127,147 - - - 127,147 Sales and services 118,501 - - - 118,501 International Wine Society 81,609 - - - 81,609 Annual exhibits 30,051 - - - 30,051 Supporting services: General and administrative 4,966,693 - - (282,863) 4,683,830 Committee meeting and board administration 305,804 - - - 305,804 Membership 303,925 - - - 303,925 Building expenses 940-300,769-301,709 Premier Club Services - 300,273 - (35,356) 264,917 7,953,635 300,273 300,769 (318,219) 8,236,458 Change in unrestricted net assets before depreciation and amortization (259,569) (63,698) 52,787 - (270,480) Depreciation and amortization (97,058) (854) (177,729) - (275,641) Change in net assets before minority interests in LLC earnings (356,627) (64,552) (124,942) - (546,121) Minority interests in LLC losses - - - 93,474 93,474 Change in net assets (356,627) (64,552) (124,942) 93,474 (452,647) Unrestricted net assets (deficit)/members' equity: Beginning (927,622) 19,571 639,808 (807,054) (1,075,297) Ending $ (1,284,249) $ (44,981) $ 514,866 $ (713,580) $ (1,527,944) 13
Consolidated Statement Of Activities Information Year Ended October 31, 2010 Annual Conference And Exhibits Annual conference: Revenue: Registration fees $ 922,610 Ticket sales 35,400 Professional development 227,560 Club Foundation grant 28,000 Sponsorship and other 13,258 1,226,828 Expenses: Materials 206,463 Conference administration 103,298 Education 274,957 Functions 439,513 Professional development 89,549 Conference awards and candidates' expenses 16,373 1,130,153 Registration revenues over expenses 96,675 Exhibits: Fees 694,268 Expenses: Registration and contracts 14,200 Administrative costs 15,851 30,051 Exhibit fees over expenses 664,217 Annual conference revenue and exhibit fees over expenses $ 760,892 14
Consolidated Statement Of Activities Information Year Ended October 31, 2010 Professional Development Revenue: BMI/university based workshops $ 1,082,146 Club Foundation grants 79,500 Certification 158,380 1,320,026 Expenses: BMI/university based workshops 736,049 Education administrative 120,814 Certification 31,949 888,812 Revenue over expenses $ 431,214 15
Consolidated Statement Of Activities Information Year Ended October 31, 2010 Sponsorship Revenue: CAP sponsorship $ 545,400 Affliliates program 96,500 Sponsorship advertisements 37,527 679,427 Expenses: Promotions 56,546 Functions 39,277 Staff travel 16,940 Administrative 9,044 Printing and postage 5,340 127,147 Revenue over expenses $ 552,280 16
Consolidated Statement Of Activities Information Year Ended October 31, 2010 Sales And Services Revenue: Executive career services $ 143,315 Bookmart 112,605 255,920 Expenses: Executive career services 42,605 Bookmart 75,896 118,501 Revenue over expenses $ 137,419 17
Consolidated Statement Of Activities Information Year Ended October 31, 2010 Membership Revenue: Leadership conference $ 80,630 80,630 Expenses: Member services 46,812 Chapter/Student services 5,132 Leadership conference 105,181 Industry relations 146,800 303,925 Expenses over revenue $ (223,295) 18
Consolidated Statement Of Activities Information Year Ended October 31, 2010 Premier Club Services Revenue: Subscriptions $ 234,075 Club Foundation grants 2,500 236,575 Expenses: Payroll and related 200,377 General 51,180 Professional development services 13,360 264,917 Expenses over revenue $ (28,342) 19
Consolidated Statement Of Activities Information Year Ended October 31, 2010 General And Administrative And Building Expenses General and administrative expenses: Salaries and wages $ 3,113,611 Employee benefits 794,958 Computer services 190,804 Bank fees and charges 116,617 Professional fees 82,394 Legal fees 67,210 Dues and seminars 63,216 Miscellaneous 49,110 Equipment leases and maintenance 46,729 Loss on disposal of property and equipment 40,975 Supplies 36,423 Contract services 29,510 Audit fees 28,000 Printing, postage and freight 24,273 4,683,830 Building expenses (national office): Management fee and building overhead 220,733 Property taxes 69,073 Repairs and maintenance 11,903 301,709 $ 4,985,539 20
Consolidated Statement Of Activities Information Year Ended October 31, 2010 Committee Meeting And Board Administration Expenses National committee meeting $ 86,253 Board administration 48,546 Board and executive committee meetings 113,691 Chapter visits 21,125 Administrative travel $ 36,189 305,804 21
Consolidated Statement Of Activities Information Year Ended October 31, 2010 International Wine Society Revenue: Membership dues $ 51,230 Administrative fees 3,100 Registration fees 58,200 112,530 Expenses: Functions and workshops 50,034 Printing and postage 15,878 Other Wine Society 15,697 81,609 Revenue over expenses $ 30,921 22